As the deadline for the ban on Paytm Payments Bank has been extended, confusion around whether the UPI service will keep working or not is still there. Following this, Paytm has posted an official update on its website, explaining what will work and what will not after March 15 in terms of Wallet, Fastag, and more. Here is everything that you need to know.
Can you continue to use Paytm to do recharges, pay bills and other things?
The company has confirmed its latest FAQ page that people can continue to use the Paytm app for all bill payments and recharges. The ban on Paytm Payments bank will NOT affect those who have linked their Paytm to any authorised banks like ICICI, HDFC, and others. People will be able to recharge or continue to do anything that they have been doing using Paytm. The RBI ban will only impact users who opened an account with Paytm Payments Bank.
Will Paytm QR code, Paytm Soundbox, Paytm Card Machine continue to work?
Yes. The ban won’t impact your Paytm QR, Soundbox, and Card Machine, according to the company. It will continue to work even after March 15.
Can you continue to use Paytm Payments Bank Wallet?
Yes, you can continue to use, withdraw or transfer to another wallet or bank account until the balance is available in the wallet. It is important to note that you will not be able to make any deposits in the same after March 15, 2024; however, all refunds and cashback can still be credited to your wallet.
Can you use FASTtag / NCMC Card issued by Paytm Payments Bank?
Yes, you can currently use the FASTag / NCMC Card issued by Paytm Payments Bank. However, you will not be able to recharge or add money to the same after March 15, 2024. You can either use the amount or close your FASTag / NCMC Card issued by Paytm Payments Bank and request the bank for a refund.
Is your money safe?
The company has clarified on its site that the Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account / Wallet from accepting new deposits or allowing credit transactions after March 15, 2024. However, there is no restriction on the withdrawal of money from your existing balance even after March 15, 2024. The directive does not impact your existing balances in your account or wallet and your money is safe with the Bank.
